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H.R.1158 - Historic Tax Credit Improvement Act of 2017115th Congress (2017-2018) |

Bill

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Sponsor: Rep. Kelly, Mike [R-PA-3] (Introduced 02/16/2017)
Committees: House - Ways and Means
Latest Action: House - 02/16/2017 Referred to the House Committee on Ways and Means.  (All Actions)

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This bill has the status Introduced

Here are the steps for Status of Legislation:

  1. Introduced
  2. Passed House
  3. Passed Senate
  4. To President
  5. Became Law

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  • Constitutional Authority Statement
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Summary: H.R.1158 — 115th Congress (2017-2018)All Information (Except Text)

There is one summary for H.R.1158. Bill summaries are authored by CRS.

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Introduced in House (02/16/2017)

Historic Tax Credit Improvement Act of 2017

This bill amends the Internal Revenue Code, with respect to the tax credit for the rehabilitation of buildings and historic structures, to: (1) allow an increased 30% credit, up to $750,000, for projects with rehabilitation expenditures not exceeding $3.75 million, for which no credit was allowed in either of the two prior taxable years (smaller projects); (2) allow the transfer of tax credit amounts for smaller projects; (3) treat a building as substantially rehabilitated if rehabilitation expenditures exceed the greater of 50% of the adjusted basis of the building or $5,000 (currently, the greater of the adjusted basis of the building or $5,000); (4) reduce the required basis adjustment from 100% of the credit to 50% of the amount of the credit; and (5) limit the application of disqualified lease rules to tax-exempt use property.